Reasons for updating a New York estate plan

On behalf of McMahon Law Firm, Attorneys and Counselors at Law posted in Estate Planning on Monday, June 30, 2014.

Estimates say that approximately half of all older adults do not have a will. However, for those who do have a will, it might not be good enough to write it and not keep it updated throughout the years. There are several reasons why it may be a good idea to go over a will or trust regularly and make changes as necessary.

Anyone who has not updated his or her power of attorney in the past year may wish to do so because tax and other laws may have changed. Due to this, anyone who has been granted power of attorney more than a year prior may find that the position is not recognized. It may also be a good idea for an individual to update his or her will or trust in the event that high-value assets have accumulated since the will or trust was first written. In fact, it may be worthwhile to create a trust in which to put assets if a will is no longer sufficient.

Older individuals may want to revise their estate plans to include children or other younger people as the trustees or executors. This will help ensure that the last wishes of a person or a married couple are executed. If no one is listed as a trustee, it is important to let family members know where applicable documents are located to make it easier to have assets distributed.

Proper estate planning is a continuous process, and pertinent documents should be revised or updated as circumstances warrant. By talking to an estate planning attorney, it may be possible to create a clear estate plan to be executed upon a person's death, possibly reducing the chances of a lawsuit or other challenge to the plan.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

From our office in Camillus, New York, the McMahon Law Firm, Attorneys and Counselors at Law, serves clients throughout upstate New York in Camillus, Syracuse, Auburn, Onondaga,
Onondaga County, Cayuga County, Oswego County and Oneida County.